Rupert owns 10.18 percent of Richemont, which reported that it had a stellar performance, with sales up 10% for the third quarter ending December 31, 2024.
Image: Itumeleng English/Independent Newspapers
South Africa’s richest man, Johann Rupert made around R26 billion in one day after his company Richemont’s share price hit new highs and shot up by nearly 14% earlier this week.
Rupert owns 10.18% of Richemont, which reported on Thursday that it had a stellar performance, with sales up 10% for the third quarter ending December 31, 2024.
The R120 billion sales of the group’s branded luxury jewellery and accessories at constant and actual exchange rates reflected double-digit growth in the Americas, Europe, Middle East & Africa, and Japan.
Richemont has several huge jewellery brands under its stable including:
The share price traded 13.95% higher to R 3,287.91 on the Johannesburg Stock Exchange (JSE) on Thursday morning after the release of the quarterly report.
The company’s share price continued its streak on Friday and was trading at around R3,304 at 9am.
This week Rupert’s Luxembourg-based Reinet Investments announced that its indirect subsidiary, Reinet Jersey Holdings, had agreed to sell more than 43.3 million ordinary shares in British American Tobacco (BAT).
The sale raised around R28.3 billion in gross proceeds which means that Rupert has fully divested out of the tobacco industry.
IOL BUSINESS
Related Topics: